Cryptocurrency markets lost over $120 billion in market capitalization this week. Bitcoin plummeted below $73,000 and Ethereum sank under $2,000 as $1 billion in liquidations hit Bitcoin, Ethereum, XRP, Solana, and other altcoins within 24 hours. The wipeout left many traders scrambling to assess the damage.
The $120 Billion Vanish
Over the past seven days, the entire crypto market shed more than $120 billion in total value. This wasn't isolated to a few tokens. The drop hit virtually every corner of the market, from the largest coins to smaller projects. The speed of the decline caught even seasoned traders off guard.
Liquidation Wave
$1 billion in leveraged positions were automatically closed within one day. The liquidations spanned major platforms holding positions on Bitcoin, Ethereum, XRP, and Solana. Price movements moved too fast for many to adjust. Stop-loss orders triggered a chain reaction across exchanges.
Key Levels Broken
Bitcoin fell below $73,000 during the crash—a level it hadn't breached in months. Ethereum lost 5% in value, dropping under $2,000 for the first time this year. Both coins now trade significantly off recent highs. The timing couldn't be worse with options expirations looming next week.
The exact trigger for the plunge remains a mystery.
